Bitcoin News Today – Headlines for March 16
发布时间：2020-03-17 09:19:21 发布人：TokenString
Bitcoin News Today – The digital currency market is still deep in the red, with Bitcoin (BTC) hovering around the $5k region all through the weekend. BTC seems to be forming a double top pattern close to the $6k hurdle point against the U.S. dollar. However, the price of the digital currency is at risk of plunging below the $5k mark as it fails to break over the $6k zone.
Bitcoin Is at Risk of a Huge Drop
After the massive plunge, the price of BTC recovered over the $5k and $5,500 marks against the U.S. dollar. The price of the digital currency seems to be forming a nice support base over the $5k zone, but it is also capped on the upside close to the 100 hourly simple moving average. Bitcoin (BTC) also settled over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $7,988 to the low of $3,935.
During the recent upsurge, there was a break over the connecting bearish trendline with a hurdle close to the $5,325 mark on the one-hour chart of the BTC/USD trading pair. Nevertheless, the price of BTC struggled to continue over the $6k hurdle point. The digital currency made two attempts to break over the $6k barrier, but it failed.
Bitcoin (BTC) Price Today – BTC / USD
#
Name
Price
24H %
1
Bitcoin(BTC)
$5,172.31
-4.75%
The 50 percent Fibonacci retracement level of the major swing from the high of $7,988 to the low of $3,935 is also acting as resistance. It appears there is a formation of a double top pattern close to the $6k hurdle point. If the digital currency breaks below the $5,100 and $5k support marks, the bears might likely show up and take control.
If that happens, the first support for the digital currency is close to the $4,800 mark. If the bulls fail to show up at that level, the price of the digital currency would likely extend its downtrend towards the $4,400 mark in the near term.
Bitcoin Finds Strong Support at $5,000
Bitcoin (BTC) seems to be strongly supported at the $5k support zone. If the digital currency remains over that level, it could make another attempt to break over the $6k hurdle point. There is also a formation of a key bearish trendline with a hurdle close to the $5,650 mark on the same chart. Bitcoin needs to break over that trendline, the $6k hurdle point, and the 100 hourly simple moving average to start a strong rally towards the $6,500 mark in the coming sessions.
Bitcoin News Today – The digital currency market is still deep in the red, with Bitcoin (BTC) hovering around the $5k region all through the weekend. BTC seems to be forming a double top pattern close to the $6k hurdle point against the U.S. dollar. However, the price of the digital currency is at risk of plunging below the $5k mark as it fails to break over the $6k zone.
Bitcoin Is at Risk of a Huge Drop
After the massive plunge, the price of BTC recovered over the $5k and $5,500 marks against the U.S. dollar. The price of the digital currency seems to be forming a nice support base over the $5k zone, but it is also capped on the upside close to the 100 hourly simple moving average. Bitcoin (BTC) also settled over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $7,988 to the low of $3,935.
During the recent upsurge, there was a break over the connecting bearish trendline with a hurdle close to the $5,325 mark on the one-hour chart of the BTC/USD trading pair. Nevertheless, the price of BTC struggled to continue over the $6k hurdle point. The digital currency made two attempts to break over the $6k barrier, but it failed.
Bitcoin (BTC) Price Today – BTC / USD
| # | Name | Price | 24H % |
|---|---|---|---|
| 1 |
|
$5,172.31 |
-4.75%
|
The 50 percent Fibonacci retracement level of the major swing from the high of $7,988 to the low of $3,935 is also acting as resistance. It appears there is a formation of a double top pattern close to the $6k hurdle point. If the digital currency breaks below the $5,100 and $5k support marks, the bears might likely show up and take control.
If that happens, the first support for the digital currency is close to the $4,800 mark. If the bulls fail to show up at that level, the price of the digital currency would likely extend its downtrend towards the $4,400 mark in the near term.
Bitcoin Finds Strong Support at $5,000
Bitcoin (BTC) seems to be strongly supported at the $5k support zone. If the digital currency remains over that level, it could make another attempt to break over the $6k hurdle point. There is also a formation of a key bearish trendline with a hurdle close to the $5,650 mark on the same chart. Bitcoin needs to break over that trendline, the $6k hurdle point, and the 100 hourly simple moving average to start a strong rally towards the $6,500 mark in the coming sessions.
